Insolvency advisers have selected TF1 and Sony to enter the final stage of bidding for KirchMedia, the bankrupt broadcast and sports rights owner.
It had been anticipated that the original list of seven bidders (see
Seven Bids In For KirchMedia) would be reduced to three but a collaboration of German publishers, led by Axel Springer, has so far refused to increase its initial offer of E1.4 billion.
TF1 has teamed up with Haim Saban, the US media investor to bid around E2.6 billion for KirchMedia while Sony leads a consortium that also includes the German banking group Commerzbank.
The successful applicant will acquire a 53% share in the commercial broadcaster ProSiebenSat.1 as well as rights to German league football and the 2006 World Cup. KirchMedia, together with the parent Kirch Group, collapsed in April after accruing debts of £5.4 billion (see KirchMedia Files For Bankruptcy Signalling The Demise Of The Kirch Empire).
